Gamco Investors INC. ET AL Sells 69,636 Shares of Myers Industries, Inc. $MYE

Key Points

• Gamco Investors trimmed its Myers Industries stake by 2.0% in the first quarter, selling 69,636 shares but still holding 3.43 million shares worth about $72.6 million, or 9.13% of the company.
• Institutional ownership remains very high, with hedge funds and other institutions owning 90.82% of Myers Industries. Several firms recently added to or initiated positions, including Pzena Investment Management and JPMorgan Chase.
• Analyst sentiment is mixed: the stock currently carries an average Hold rating and a $37.00 target price, while KeyCorp recently raised its target from $26 to $37 and gave the shares an overweight rating.

Gamco Investors INC. ET AL lessened its position in Myers Industries, Inc. (NYSE:MYE - Free Report) by 2.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 3,429,720 shares of the industrial products company's stock after selling 69,636 shares during the period. Myers Industries makes up about 0.7% of Gamco Investors INC. ET AL's holdings, making the stock its 22nd largest position. Gamco Investors INC. ET AL owned 9.13% of Myers Industries worth $72,641,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MYE. Pzena Investment Management LLC increased its stake in Myers Industries by 813.5% during the 4th quarter. Pzena Investment Management LLC now owns 1,302,309 shares of the industrial products company's stock valued at $24,379,000 after purchasing an additional 1,159,746 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Myers Industries by 105.0% during the third quarter. JPMorgan Chase & Co. now owns 343,045 shares of the industrial products company's stock worth $5,811,000 after acquiring an additional 175,684 shares in the last quarter. Ritholtz Wealth Management bought a new stake in shares of Myers Industries during the fourth quarter worth about $963,000. Deprince Race & Zollo Inc. raised its holdings in shares of Myers Industries by 24.3% in the 4th quarter. Deprince Race & Zollo Inc. now owns 218,063 shares of the industrial products company's stock worth $4,082,000 after acquiring an additional 42,672 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in Myers Industries in the 1st quarter valued at about $690,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Weiss Ratings lowered Myers Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 11th. Wall Street Zen cut Myers Industries from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, KeyCorp upped their price target on Myers Industries from $26.00 to $37.00 and gave the stock an "overweight" rating in a report on Tuesday, June 30th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $37.00.

Myers Industries Trading Up 1.2%

Shares of MYE stock opened at $31.33 on Friday. Myers Industries, Inc. has a 52-week low of $12.96 and a 52-week high of $35.75. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.29 and a current ratio of 1.65. The company has a 50-day simple moving average of $27.59 and a two-hundred day simple moving average of $23.47. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 44.75 and a beta of 0.88.

Myers Industries (NYSE:MYE - Get Free Report) last posted its earnings results on Thursday, May 7th. The industrial products company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.28 by $0.16. Myers Industries had a net margin of 3.36% and a return on equity of 17.23%. The firm had revenue of $164.58 million for the quarter, compared to analysts' expectations of $209.30 million.

Myers Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Wednesday, June 17th were issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Wednesday, June 17th. Myers Industries's dividend payout ratio (DPR) is 77.14%.

About Myers Industries

Myers Industries, Inc is a diversified manufacturer of polymer products serving industrial, commercial and consumer markets. The company designs, produces and markets a broad range of molded and fabricated plastic components, including pallets, bulk containers, tanks and drums used in material handling and storage applications. Myers Industries leverages proprietary polymer technologies to provide durable, reusable solutions that help customers optimize supply chain efficiency and reduce environmental impact.

Myers operates primarily through two business segments.

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